The public debt is the:
a. Difference between current government expenditures and revenues
b. Total of all past deficits minus all past surpluses
c. Ratio of all past deficits to all past surpluses
d. Amount of U.S. paper currency in circulation
b. Total of all past deficits minus all past surpluses
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A good is said to have an elastic supply if its price elasticity of supply is:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
Macroeconomic equilibrium occurs when the quantity of real GDP _______ equals the quantity of _______
A. demanded; real GDP supplied B. demanded; potential GDP C. supplied; potential GDP D. demanded; real GDP supplied and potential GDP
Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then:
A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. C) consumer surplus increases, producer surplus must decline. D) consumer and producer surplus must decline.
If the dollar used to buy 100 yen and now buys 360 yen, there has been
A) appreciation of the dollar. B) depreciation of the dollar. C) appreciation of the yen. D) an increase in special drawing rights.